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Egypt's central bank raises key interest rates by 200 bps

Kitco News

March 30 (Reuters) - The Central Bank of Egypt (CBE) raised its overnight interest rates by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee, it said in a statement.

The bank set the lending rate at 19.25% and the deposit rate at 18.25%.

The median forecast in a Reuters poll of 15 analysts on Monday was for the bank to increase rates by 200 bps as it struggled to keep surging inflation under control. Seven of the analysts expected an increase of 300 bps.

"The MPC stresses that achieving a tight monetary stance is a necessary condition to attain the CBE's upcoming inflation targets of 7 percent (± 2 percentage points) on average by 2024 Q4 and 5 percent (± 2 percentage points) on average by 2026 Q4," the MPC said in a statement.

Reporting by Patrick Werr; Editing by Alex Richardson and Richard Chang
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